The legislation aims to diversify Brazil’s Treasury assets and protect international reserves against exchange rate fluctuations and geopolitical risks.
Lawmaker Eros Biondini introduced the legislation, citing successful blockchain integration by countries including El Salvador, the United States, China, Dubai, and the European Union.
The bill assigns custody responsibilities to Brazil’s Central Bank and Finance Ministry and requires biannual reports on RESBit performance and risk assessments.
According to Brazilian tax authority data, the country traded nearly $76 billion in crypto last year.
The proposal positions Brazil among nations exploring digital asset reserves as hedges against traditional currency.
Following the hearing on Aug. 20, the proposal enters conclusive analysis by four Chamber committees: Economic Development, Science Technology and Innovation, Finance and Taxation, and Constitution Justice and Citizenship.
Each committee must approve the legislation before advancing to full Chamber consideration.
The bill requires approval from both the Chamber of Deputies and the Senate to become law, establishing a comprehensive legislative review process for the Bitcoin reserve proposal.
Technical input from the hearing will inform committee evaluations and potential text modifications during the review phases.
Orleans e Bragança seeks perspectives from monetary authorities, government officials, banking system representatives, and subject matter experts to refine the proposal text.
The deputy noted the importance of collecting Central Bank technical analysis before committee markup sessions begin to perfect the legislation.
